Fiona Lau' s stories

Postal Savings Bank of China has set a target of HK$57bn–$63bn (US$7.3bn–$8.1bn) from its Hong Kong IPO after lining up five cornerstone investors to buy most of the shares, according to sources close to the plans.

The Hong Kong IPO of Meitu, a Chinese developer of smartphone apps, is shaping up as a key test of the city’s appeal as a listing venue for high-growth technology companies. Xiamen-based Meitu, which produces apps that allow users to retouch “selfie” photos, is looking to raise as much as US$0.8bn–$1bn in a deal expected at the end of this year.

The potential listing of an Anbang Insurance Group company in Hong Kong is dividing equity arrangers, as some rush to pitch and others feel the parent’s mysterious ownership structure raises too many risks.

In the biggest capital market reform since last year’s stock market crash, China last Tuesday approved the launch of a long-awaited scheme to allow stock trading between Hong Kong and Shenzhen, the world’s second-busiest, and tech-heavy, exchange.

Several Chinese brokerages plan to list their Hong Kong units in the city, so as to transform their overseas operations into self-funded units at a time when the PRC business outlook remains uncertain.